The news agency reports that Moynihan is said to have told some of his senior staff: 'I, like you, get a little incensed when you think about how much good all of you do - whether it's volunteer hours, charitable giving we do, serving clients and customers well'.

The thing is, Brian, that's not much use if you are a shareholder - who is judging the firm by the profits it makes, rather than the good works it, or its staff, does.